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FREDERICK  D.  TAPPEN 


Mu.W.a\  \»t  t.  <*_ 


IN  the  last  clause  of  his  will,  after  making 
bequests  to  his  family,  Mr.  Tappen  provides 
for  certain  trusts,  and  instructs  his  executors 
and  trustees  to  invest  the  proceeds  of  his  estate 
only  in  securities  “included  in  the  list  of  invest¬ 
ments  made  by  The  Mutual  Life  Insurance 
Company  of  New  York,  not  limiting  my  said 
^executors  and  trustees  or  their  successors  or 
successor  to  such  investments  only  as  trustees 
are  by  law  authorized  to  make.” 

The  peculiar  import  of  this  provision  will  be 
understood  by  those  familiar  with  Mr.  Tappen’s 
career  and  with  the  conservative  policy  under 
which  the  investments  of  The  Mutual  Life 
Insurance  Company  of  New  York  are  made. 
Others  may  find  the  following  pages  of  interest 
in  presenting  the  conditions  that  make  significant 
this  tribute  of  confidence. 

Mr.  Tappen  had  no  connection  with  The 
Mutual  Life  Insurance  Company  except  as  a 
policy-holder. 


53702 


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jpREDERICK  D.  TAPPEN,  President 
of  the  Gallatin  National  Bank  of  New 
York,  since  1868,  twice  President  of 
the  New  York  Clearing  House  Association, 
Chairman  of  the  Clearing  House  Loan 
Committee  in  1873,  1884,  1893,  and  a 
conspicuous  figure  in  the  banking  world 
for  the  last  fifty  years,  died  at  Lakewood, 
N.  J.,  February  28,  1902.  Among  the 
institutions  represented  at  the  funeral  services 
in  All  Soul's  Church,  New  York  City, 
March  3,  were  the  New  York  Clearing 
House  Association,  the  Gallatin  National 
Bank,  the  Union  League,  Union  and 
Metropolitan  Clubs,  the  Red  Cross  Associ¬ 
ation,  the  New  York  Hospital  Association, 
and  the  New  York  Stock  Exchange 


The  following  gentlemen  acted  as  pall 
bearers : 

Thatcher  M.  Adams,  Member  New  York  Stock  Exchange. 
James  W.  Alexander,  President  Equitable  Life  Assurance  Society. 
William  Waldorf  Astor. 

George  F.  Baker,  President  First  National  Bank. 

Stephen  Baker,  President  Bank  of  the  Manhattan  Co.  and 
member  of  Clearing  House  Committee. 

Samuel  G.  Bayne,  President  Seaboard  National  Bank. 

Cornelius  N.  Bliss,  Ex-Secretary  of  the  Interior. 

George  A.  Crocker,  Director  Bank  of  America;  Virginia  and 
Southwestern  Railway  Co. ;  Virginia  Iron,  Coal  &  Coke  Co. 
Col.  Joel  B.  Erhardt,  President  The  Lawyers  Surety  Co. 
Trustee  Bowery  Savings  Bank. 

Elbridge  T.  Gerry,  Ex-President  Society  for  the  Prevention  of 
Cruelty  to  Children. 

George  G.  Williams,  President  Chemical  National  Bank. 

Adrian  Iselin,  Jr.,  Director  Gallatin  National  Bank. 

Bray  ton  Ives,  President  Metropolitan  Trust  Co. 

Dr.  E.  L.  Keyes. 

J.  Pierpont  Morgan. 

O.  D.  Munn,  President  Munn  &  Co. 

William  A.  Nash,  President  Corn  Exchange  Bank. 

E.  H.  Perkins,  Jr.,  late  President  Importers  and  Traders 
National  Bank. 

George  R.  Sheldon,  Member  New  York  Stock  Exchange. 

J.  Edward  Simmons,  President  Fourth  National  Bank. 

A.  H.  Stevens,  Vice-President  Astor  National  Bank,  and 
Gallatin  National  Bank. 


4 


New  York  Clearing  House  Loan  Committee,  1893 


AT  a  meeting  of  the  New  York  Clearing 
House  Association,  held  in  memory 
of  Mr.  Tappen,  at  the  Clearing 
House,  Monday,  March  io,  1 902,  resolutions 
were  adopted  expressing  the  Association’s 
appreciation  of  the  great  services  rendered 
the  Association  itself  and  the  banking  in¬ 
terests  of  the  entire  country  by  Mr.  Tappen. 

From  the  addresses  made  by  leading 
financiers,  the  following  extracts  are  made. 


Mr.  (fourth  &  Williams,  QHjainttatt, 

President  of  uJlje  GUjemiral  National  iBank. 


Gentlemen: 

This  meeting  has  been  called  for  the  purpose  of  paying  a 
suitable  tribute  of  respect  to  the  memory  of  our  deceased  friend 
and  associate,  Mr.  Frederick  D.  Tappen. 

Mr.  Tappen  has  filled  almost  every  position  of  consequence 
in  the  Association,  and  we  had  learned  to  trust  him  as  a  leader, 
as  a  strong  and  steadfast  guide,  as  a  pilot  who  would  safely  take 
us  through  the  terrible  anxieties  which  at  times  came  upon  us. 


5 


lion.  31.  Ebfoari)  g’unmmta, 

•jSJreaiktttt  of  tl|*  IFonrtlj  National  Sank. 

This  is  the  first  distinctively  memorial  service  in  the  history 
of  this  Association. 

Frederick  D.  Tappen,  identified  with  this  Association  from 
its  birth,  the  recognized  and  beloved  leader  of  the  bank 
presidents  of  New  York,  amidst  universal  expressions  of  sorrow, 
has  entered  upon  the  rest  which  is  eternal. 

Who  of  us  can  ever  forget  the  great  financial  battle  of  1893 
and  the  glorious  victory  achieved  by  the  Associated  Banks  of 
New  York  under  the  brilliant  generalship  of  Mr.  Tappen. 

In  1895,  when  the  Venezuelan  boundary  question  threatened 
war  between  this  country  and  Great  Britain,  and  in  1896  when 
the  danger  of  a  victory  of  the  free  silver  party  seemed  imminent 
and  a  collapse  of  the  public  credit  was  apprehended,  and  in 
1899,  when  the  failure  of  prominent  financial  institutions  in 
Boston  and  New  York  caused  great  solicitude,  he  rendered 
invaluable  services;  and  last  May  when  the  troubles  in  Northern 
Pacific  stock  created  the  most  intense  alarm,  men  turned  to  Mr. 
Tappen  “  as  the  traveler  turns  to  the  shadow  of  a  great  rock  in 
a  weary  land.”  With  keen  perception,  deliberate  judgment  and 
heroic  courage,  he  undertook  to  bring  order  out  of  chaos. 


Sinn.  A.  $.  ijfpbimt, 

■fttre-JIrpstiient  of  GUjaa*  National  Hank. 

Frederick  D.  Tappen,  pursuing  this  quiet  vocation,  all  his 
life  a  banker,  from  sheer  force  of  character,  integrity  of  purpose, 
clearness  of  vision  and  commanding  courage,  became  a  leader 


6 


among  men,  and  in  several  financial  crises  rendered  service  so 
conspicuous  and  meritorious  as  to  approximate  heroism  and  win 
the  applause  of  the  nation. 

His  bank  was  strong,  clean  and  secure.  It  was  not  involved 
in  the  success  or  failure  of  any  scheme.  His  personal  affairs 
were  beyond  the  influence  of  boom  or  panic,  hence,  whatever 
the  crisis,  he  was  a  man  whose  judgment  could  be  brought  to 
bear  uninfluenced  and  unswerved  by  personal  interest,  his  sole 
regard  being  for  the  associated  banks  and  the  public  interests  for 
which  they  stand. 

©tm.  Suafplj  (&.  itrnhrix, 

•Prraiiient  of  Qltje  National  IBank  of  (Comntprre. 

His  experience  developed  resource.  He  was  fertile  in 
expedients.  His  first  process  was  a  diagnosis.  Then  he  decided 
upon  the  remedy.  He  could  be  deaf  to  the  voice  of  speculation. 
He  was  alert  to  the  first  whisper  affecting  credit.  He  could 
differentiate  sharply  between  a  spirit  which  would  use  the  banks 
and  that  which  would  make  the  banks  more  useful.  For  hysteria 
he  had  no  prescription.  For  genuine  commercial  illness  he  was 
the  devoted  physician. 

He  kept  himself  scrupulously  independent  of  any  set  of 
financial  interests  or  influences  which  did  not  have  their 
beginning  and  end  in  sound  banking. 

ffimt.  Alexander  (Silbtrt, 

Prusibrnt  of  0%  iHarkrt  anb  3ffulton  National  Sank. 

We,  the  members  of  this  Association,  have  watched  his 
goings  and  comings  for  many  years;  we  have  seen  him  spend  his 
time,  his  energy  and  his  best  thought  in  the  interest  of  the 


7 


Clearing  House  and  the  Associated  Banks,  and  we  can  truly  say 
that  in  a  large  measure  the  efficiency  of  the  Clearing  House 
to-day  and  its  importance  to  the  Associated  Banks  are  due  to 
his  unflagging  interest  in  its  behalf. 


tSjon.  (Iljntnas  Si.  Jameo, 

iJreai&mt  of  ©tje  SCutraltt  National  iBank. 

There  was  something  so  dramatic,  so  courageous,  in  his 
service  in  1893,  and  it  was  continued  for  such  a  length  of 
time  and  was  of  such  palpable  benefit  to  the  entire  country,  that 
there  came  public  recognition  of  what  he  then  did;  and,  since 
that  time,  his  name  has  been  almost  a  household  word  in 
financial  and  commercial  circles;  and  it  became  typical  of  the 
highest  integrity,  utmost  unselfishness,  and  the  capacity  to  use 
with  the  most  skillful  strategy  the  latent  resources  which  this 
institution  possesses  and  which  are  available  in  time  of  peril 
and  panic. 


8 


c 


jbHm 

of  the; 


THE  NEW  YORK  CLEARING  HOUSE, 

CEDAR  STREET,  NORTH  SIDE,  BETWEEN  BROADWAY  AND  NASSAU  STREET. 


OFFICERS. 

President :  Secretary : 

GEORGE  F.  BAKER,  President  First  National  Bank,  New  York  HENRY  F.  DAVISON,  President  Liberty  National  Bank. 
Manager:  WILLIAM  SHERER  Assistant  Manager :  WILLIAM  J.  GILPIN. 


CLEARING  HOUSE  COMMITTEE. 

WILLIAM  A.  NASH,  President  Corn  Exchange  Bank.  GEORGE  G.  WILLIAMS,  President  Chemical  National  Bank. 

JAMES  T.  WOODWARD,  President  Hanover  National  Bank.  STEPHEN  BAKER,  President  Bank  of  the  Manhattan  Company 
CHARLES  H.  FANCHER,  President  Irving  National  Bank. 


THE  NEW  YORK 
CLEARING  HOUSE 


The  importance  of  the  New  York  Clearing  House  in  the 
banking  world  of  the  United  States  is  graphically  illustrated 
by  the  following  figures  for  the  calendar  year  1901: 

Clearings  through  New  York  Clearing 

House  .  $79,420,418,435 

Clearings  through  all  other  Clearing 

Houses  in  United  States .  39,098,148,706 

Total  .  $1  18,518,567,141 

Clearings  of  New  York  Clearing  House 
exceeded  those  of  London  Clearing 
House  by  .  $32,857,525,405 

Over  sixty-seven  per  cent,  of  the  total  bank  clearings  in 
the  United  States  in  1901  passed  through  the  New  York 
Clearing  House. 

When  the  New  York  Clearing  House  was  organized  in 
1853,  it  was  composed  of 

52  banks,  with  an  aggregate  capital  of .  $47,000,000 

To-day  it  consists  of 

59  banks,  with  an  aggregate  capital  of .  83,622,700 


Balances  at  the  New  York  Clearing  House  are  now  settled  daily 
instead  of  weekly,  as  was  the  case  before  the  establishment  of  the 
Clearing  House. 


9 


Capital  and  net  profits  of  incorporated 
banking  institutions  in  New  York  City. 


The  fifty-nine  Clearing  House  banks  have 
an  aggregate  capital  of  . 

(Surplus)  Net  Profits  . 

Non-member  Banks,  capital  and  net  profits 

Trust  Companies,  capital  and  net  profits 

Total  . 


$83,622,700 

103,655,700 

14,230,200 

145,653,792 

$347,162,392 


To  this  must  be  added  the  enormous  capital  employed  in 
private  banking  in  this  city. 


The  New  York  Clearing  House  is  in  the  first  instance,  a 
highly  organized  machine  for  effecting  exchanges  between  its 
members:  Organized  in  1853,  for  the  purpose  of  facilitating  the 
exchange  of  checks  and  drafts,  at  that  time  carried  from  bank 
to  bank  by  porters,  it  soon  broadened  its  powers  so  as  to  give  it 
absolute  power  to  examine,  and  suspend  or  expel  members. 
These  powers  are  largely  exercised  through  the  most  important 
committee  in  the  association,  known  as  the  Clearing  House 
Committee. 

This  committee  can  examine  any  bank,  a  member  of  the 
association,  and  can  demand  from  any  member  securities  deemed 
necessary  for  the  protection  of  balances  against  the  bank  at  the 
Clearing  House.  This  committee  has  discretion  in  the  matter 


10 


of  allowing  members  to  clear  for  an  outside  institution,  and  it 
has  the  same  right  of  examination  over  outside  institutions 
clearing  through  members.  As  all  banking  institutions  of  the 
metropolis  not  members  of  the  Clearing  House  must  clear 
through  some  member,  the  Clearing  House,  through  the  Clearing 
House  Committee  has  practically  within  its  custody  institutions 
through  which  pass  over  sixty-seven  per  cent,  of  the  bank 
clearings  of  the  United  States. 

The  Manager,  Mr.  William  Sherer,  #s  the  executive  officer  of 
the  Clearing  House,  and  his  assistant  is  Mr.  W.  J.  Gilpin. 

The  admission  fees  are 

Banks  having  $5,000,000  capital  or  under  ...  $5,000 
Banks  having  over  $5,000,000  capital  .  7,500 

The  expenses  are  apportioned  according  to  the  exchanges 
made  by  the  bank. 

The  service  rendered  by  the  New  York  Clearing  House  to 
financial  interests  and  the  country  at  large  in  time  of  panic,  is 
perhaps  appreciated  only  by  those  who  have  intimate  knowledge 
of  its  operations.  With  the  advent  of  panic,  the  decline  of 
confidence,  the  rise  in  rates  for  money  and  the  contraction  of 
credit  that  follow  a  report  of  crop  failure,  strike  or  war,  hoarding 
of  cash  begins,  bank  deposits  are  withdrawn,  institutions  in  other 
cities  finding  their  resources  dwindling,  draw  upon  their  deposits 
in  New  York,  and  a  scarcity  of  cash  funds  results. 

New  York  City,  where  over  sixty-seven  per  cent,  of  the 
exchanges  of  the  country  take  place,  feels  this  drain  at 
once.  The  banks  must  not  only  pay  out  cash  but  must 
accommodate  customers  with  loans.  They  find  themselves 
with  an  abundance  of  securities  and  negotiable  instruments 
pledged  by  their  customers  that  would  afford  ample  protection 


11 


in  ordinary  times,  but  the  great  and  pressing  need  is  for  cash,  a 
circulating  medium  that  will  pass  current  from  hand  to  hand 
anywhere  in  the  United  States,  without  reference  to  market 
values  of  stocks  or  bonds.  This  cannot  be  had  except  at  a 
ruinous  premium.  In  1893  one  of  the  largest  New  York  City 
banks  paid  $7,000  premium  in  one  day  for  $100,000  in  bills  of 
small  denominations  to  supply  the  demand  of  its  customers. 
Under  these  conditions  the  remedy  must  be  applied  at  the  center 
of  the  banking  system  of  the  country.  New  York  City,  to 
produce  any  general  relief.  The  Clearing  House  appoints  a 
loan  committee,  usually  consisting  of  five  bank  officers,  and  in 
exchange  for  securities  deposited  by  the  banks,  issues  loan 
certificates  in  denominations  of  five,  ten  and  twenty  thousand 
dollars  in  the  proportion  of  seventy-five  per  cent,  of  the  value  of 
securities  deposited.  These  certificates  are  available  only  for  the 
settlement  of  balances  at  the  Clearing  House,  and  among 
members  cf  the  association,  and  enable  the  banks  to  use  their 
cash  resources  for  the  ordinary  purposes  of  business.  The 
resources  of  all  the  associated  banks  are  thus  combined  for  the 
preservation  of  their  common  credit  and  solvent  institutions  are 
saved  from  failure  and  confidence  restored.  Since  i860,  this 
expedient  has  been  resorted  to  but  eight  times,  and  four  of 
these  issues  were  during  the  Civil  war.  Certificates  to  the 
amount  of  $168,774,000  have  been  issued  and  redeemed 
without  the  loss  of  a  dollar.  This  loan  committee  has  the 
practical  custody  of  the  credit  of  the  nation  in  times  of  financial 
disturbance. 

In  order  to  inspire  general  confidence,  the  chairman  and 
members  of  this  committee,  must  be  men  known  for  their 
intimate  knowledge  of  the  values  of  securities,  for  their 
familiarity  with  banking  methods,  and  for  their  ability  to  act 
quickly  in  times  of  emergency. 


12 


From  the  Fifty-Ninth  Annual  Report  of 
The  Mutual  Life  Insurance  Company : 

The  principles  upon  which  the  funds  of  this  Company  have 
been  invested  by  its  Trustees  justify  a  few  words  of  notice, 
because  a  different  theory  which  blacklists  stock  investments  has 
recently  been  promulgated  and  even  advocated.  No  criticism  is 
made  on  the  right  of  any  institution  to  limit  the  range  of  its  own 
investments,  but  the  practice  of  this  Company  has  been,  in 
seeking  for  investments,  to  look  firstly  for  entire  security,  and 
secondly  for  productiveness  ;  and  where  a  choice  is  to  be  made 
between  different  investments,  which,  after  a  careful  study  of 
their  character  and  of  every  feature,  promise  equal  security, 
always  to  choose  that  from  which  the  largest  yield  for  the  benefit 
of  the  policy-holders  may  be  expected.  It  is  not  believed  that 
the  name  or  external  form  of  a  security  is  an  infallible  guide  in 
making  this  choice.  There  is  no  such  unvarying  nomenclature 
of  investments,  that  those  which  bear  one  name  may  always  be 
confidently  regarded  as  perfectly  safe,  while  those  which  bear  a 
different  name  must  always  be  looked  upon  with  suspicion. 
This  Company  has  no  pre-conceived  views  which  favor  corporate 
stocks  above  other  securities  ;  but  where  a  substantial  investment 
which  promises  to  be  fruitful  is  offered,  preference  is  given  to 
the  substance  rather  than  to  the  form.  For  many  years,  alike 
through  periods  of  depression  and  of  prosperity,  the  Company 
has  pursued  this  policy,  and  the  results  have  been  uniformly 
beneficial.  There  has  been  no  year  since  it  began  this  method 
of  making  investments,  even  though  panic  and  disaster  have 
prevailed  in  the  financial  world  at  large,  when  the  investments 
of  this  class  made  by  the  Company  have  not  been  at  all  times 
convertible  into  money  at  an  advance  upon  their  cost,  and  there 
has  been  no  period  of  five  years  in  which  the  income  yielded  by 


13 


this  class  of  investments  has  not  been  at  least  as  great  as  that 
obtained  by  the  Company  from  an  equal  amount  invested  in  any 
other  class  of  securities.  In  this  connection  the  Trustees  desire 
again  briefly  to  call  attention  to  the  essential  difference  between 
life  insurance  companies  and  other  moneyed  institutions.  Leaving 
out  of  consideration  the  great  combinations  of  industrial  and 
financial  activity,  whose  existence  marks  so  strongly  the  close  of 
the  nineteenth  and  the  beginning  of  the  twentieth  centuries,  and 
confining  our  comments  to  moneyed  institutions  pure  and  simple, 
meaning  thereby  banking  in  its  ordinary  sense,  we  wish  to  point 
out  that  these  institutions  are  governed,  and  properly  so,  by 
quite  a  different  code  of  ethics  from  that  which  applies  to  life 
insurance  companies,  savings  banks  and  the  executors  of  trust 
estates.  Each  one  of  the  latter  necessarily  exercises  certain 
moneyed  functions  ;  but  these  are  subsidiary  to  the  fundamental 
obligation  of  the  preservation  of  the  trust  from  diversion  to  the 
private  or  personal  benefit  of  its  managers  whatever  may  be 
their  designation.  A  banking  house  is  organized  for  personal 
gain  ;  an  incorporated  bank  for  corporate  gain.  Making  money 
in  the  ordinary  sense  is  its  primary  object.  A  savings  bank  or  a 
life  insurance  company  is  not  organized  to  make  money  in  the 
ordinary  sense  as  its  primary  object,  but  for  mutual  protection  and 
in  the  case  of  the  insurance  company  for  the  equitable  distribution 
of  inevitable  loss — inasmuch  as  all  insurance  contemplates  and 
implies  loss.  In  fire  or  marine  insurance  it  is  the  burning  of  the 
house  or  the  wreck  of  the  ship,  and  the  insurance  money  only 
partially  replaces  the  loss  to  the  individual  by  distributing  it  among 
all  the  associates  or  stockholders.  In  life  insurance  it  is  the  loss 
caused  by  the  cessation  of  the  active  brain  and  of  the  physical 
force  which  are  the  productive  agencies  for  the  accumulation  of 
a  competency  for  the  support  of  the  family.  When  these  are 
extinguished,  just  so  much  productive  energy  is  extinguished  also 
and  the  life  insurance  money  in  like  manner  only  partially 
replaces  the  loss  to  the  individuals  by  distributing  it  among  the 
survivors. 


14 


List  of  Stocks  absolutely  owned  by  the 
Company,  December  31,  1901  : 


DESCRIPTION. 

Par  Value. 

Market 
Value  Net 

American  Exchange  National  Bank . 

$168,800 

00 

$382,045 

04 

Astor  National  Bank . 

10,000 

00 

60,000 

00 

Atlantic  Trust  Co . 

100,000 

00 

225,000 

00 

Bank  of  America . 

73,400 

00 

367.000 

00 

Brooklyn  Trust  Co . 

71,800 

00 

287,200 

00 

Central  Trust  Co . 

133,000 

00 

2,394,000 

00 

Chemical  National  Bank . 

14,000 

00 

560,000 

00 

Consolidated  Gas  Co . 

500,000 

00 

1,076,650 

00 

Continental  Insurance  Co . 

25,000 

00 

140,452 

50 

Fifth  Avenue  Trust  Co . 

200,000 

00 

1,000,000 

00 

First  National  Bank . 

100,000 

00 

650,000 

00 

Gallatin  National  Bank . 

14,950 

00 

60,248 

50 

Girard  Trust  Co . 

100,000 

00 

550,000 

00 

Guaranty  Trust  Co . 

856,400 

00 

5,138,400 

00 

Industrial  Trust  Co . 

100,000 

00 

252,500 

00 

Lawyers’  Title  Insurance  Co . 

100,000 

00 

302,500 

00 

Morristown  Trust  Co . 

87,500 

00 

612,500 

00 

Morton  Trust  Co . 

200,000 

00 

1,500,000 

00 

National  Bank  of  Commerce . 

2,000,000 

00 

6,500,000 

00 

National  Safe  Deposit  Co . 

111,500 

00 

113,362 

05 

Title  Guarantee  &  Trust  Co . 

516,200 

00 

2,322,900 

00 

United  States  Mortgage  &  Trust  Co . 

1,106,500 

00 

4,426,000 

00 

Baltimore  &  Ohio  Railroad,  Preferred.... 

100,000 

00 

91,640 

00 

Brooklyn  City  Railroad . 

1,247,000 

00 

2,894,037 

60 

Chicago  &  Northwestern  Ry.,  Preferred.. 

450,000 

00 

990,000 

00 

Chicago,  Milwaukee  &  St.  Paul  Ry.,  Pref. 

1,650,000 

00 

3,074,940 

00 

Georgia  Railroad  &  Banking  Co . 

100,000 

00 

222,290 

00 

Massawippi  Valley  Railroad . 

35,000 

00 

35,728 

00 

Morris  &  Essex  Railroad . 

500,000 

00 

950,000 

00 

New  York  &  Harlem  Railroad . 

454,250 

00 

1,817,000 

00 

New  York  Dock  Co.,  Preferred . 

1,787,500 

00 

715,000 

00 

New  York,  New  Haven  &  Hartford  R.  R.. 

650,000 

00 

1,300,000 

00 

Pennsylvania  Railroad . 

5,000,000 

00 

7,271,000 

00 

Pittsburg,  Ft.  Wayne  &  Chicago  Ry . 

600,000 

00 

1,140,000 

00 

Rensselaer  &  Saratoga  Railroad . 

800,000 

00 

1,600,000 

00 

Sixth  Avenue  Railroad . 

200,000 

00 

340,000 

00 

Worcester,  Nashau  &  Rochester  R.  R.... 

1,663,400 

00 

2,162,445 

14 

Total . 

$21,826,200 

00 

$53,524,838 

83 

15 


List  of  Bonds  absolutely  owned 
Company,  December  31,  1901: 


NAME.  •  Par  Value. 

U.  S.  of  America  Bonds  4%,  1907 .  $25,000  00 

Austrian  Govt.  Rentes  4%,  Perpetual....  1,436,595  50 
British  Govt.  Consols  2£%,  Perpetual....  97,400  00 

British  Govt.  Consols  2£%,  1923 .  2,045,400  00 

Cape  of  G.  H.  Govt.  Stock  3|%,  1949...  48,700  00 

Canadian  Govt.  Bonds  4%,  1903 .  150,000  00 

Italian  Govt.  Rentes  5%,  Perpetual .  1,391,317  70 

Prussian  Govt.  Consols  3%,  Perpetual...  721,306  60 

S.  Australian  Govt.  Stock  3%,  1916 .  5,162  20 

S.  Australian  Govt.  Stock  3^%,  1920 .  24,350  00 

Spanish  Govt.  Rentes  5%,  Perpetual .  77,200  00 

Tasmanian  Govt.  Stock  3£%,  1921 .  24,350  00 

Transvaal  Govt.  Bonds  5%,  1942 .  97,400  00 

U.  S.  of  Mexico  Bonds  5%,  1945 .  2,425,000  00 

Victorian  Govt.  Stock  3%,  1917 .  24,350  00 

W.  Australian  Govt.  Stock  3|%,  1910....  53,959  60 

Arizona  Territory  5%,  1942 .  15,000  00 

Province  of  Manitoba  4%,  1929 .  200,000  00 

Province  of  New  Brunswick  4%,  1921....  69,000  00 

Province  of  New  Brunswick  4%,  1930....  100,000  00 

Province  of  New  Brunswick  4%,  1932....  30,000  00 

Province  of  New  Brunswick  4%,  1932....  20,000  00 

Province  of  Nova  Scotia  4%,  1919 .  25,000  00 

Province  of  Nova  Scotia  4%,  1920 .  125,000  00 

Province  of  Nova  Scotia  4%,  1920 .  250,000  00 

Atchison  County,  Kan.  5%,  1916 .  68,000  00 

Chatham  County,  Ga.  5%,  1910 .  50,000  00 

Hudson  County,  N.  J.  5%,  1905 .  160,000  00 

Sedgwick  County,  Kan.  5%,  1908 .  200,000  00 

Sedgwick  County,  Kan.  5%,  1909 .  50,000  00 

Atlanta,  Ga.,  4|%,  1922 .  345,000  00 

Augusta,  Ga.,  1924 .  104,000  00 

Augusta,  Ga.,  6%,  1915 .  15,000  00 

Brooklyn,  N.  Y.,  3|%,  1925 .  100,000  00 

Colorado  Springs,  Col.,  6%,  1905 .  32,000  00 

Duluth,  Minn.,  5%,  1913 .  50,000  00 

Elizabeth,  N.  J.,  4%,  1922 .  500,000  00 

Guelph,  Ontario,  Can.,  5%,  1910 .  18,000  00 

Guelph,  Ontario,  Can.,  5%,  1917 .  97,400  00 

Guelph  Ontario,  Can.,  5%,  1920 .  9,000  00 

Jersey  City,  N.  J.,  5%,  1902-12 .  55,000  00 


by  the 


Market 
Value  Net. 

$27,750  00 
1,407,863  59 
91,069  00 
1,911,872  20 
49,674  00 
151,260  00 
1,349,578  17 
627,536  74 
4,800  85 
25,080  50 
50,340  60 
24,350  00 
98.062  32 
2,391,292  50 
22,645  50 
53,754  55 
16,281  00 
208,540  00 
69,000  00 
100,000  00 
30,000  00 
20,000  00 
25,000  00 
125,000  00 
250,000  00 

73.480  80 

52.480  00 
166,784  00 
208,360  00 

52,365  00 
383,778  00 
113,245  60 
18,204  00 
103,250  00 
32,000  00 
53,460  00 
495,000  00 
19,229  40 
108,825  02 
10,146  60 
57,431  00 


16 


NAME.  Par  Value. 

Jersey  City,  N.  J.,  5%,  1916 .  $75,000  00 

Jersey  City,  N.  J.,  5%,  1916 .  70,000  00 

Jersey  City,  N.  J.,  6%,  1904 .  200,000  00 

Memphis,  Tenn.,  4*%,  1926 .  750,000  00 

Memphis,  Tenn.,  6%,  1915 .  55,000  00 

Montreal,  Quebec,  Can.,  3 $%,  1939 .  400,000  00 

Montreal,  Quebec,  Can.,  4%,  1925 .  200,000  00 

Montreal,  Quebec,  Can.,  4%,  1927 .  165,000  00 

Montreal,  Quebec,  Can.,  4%,  1933 .  200,136  71' 

Nashville,  Tenn.,  5£%,  1905 .  200,000  00 

Nashville,  Tenn.,  6%,  1905 .  85,000  00 

Nashville,  Tenn.,  6%,  1911 .  35,000  00 

Nashville,  Tenn.,  6%,  1913 .  50,000  00 

Omaha,  Neb.,  5%,  1905 .  18,000  00 

Omaha,  Neb.,  5%,  1905 .  20,000  00 

Omaha,  Neb.,  5%,  1908 .  75,000  00 

Ottawa,  Ontario,  Can.,  5%,  1909 .  40,000  00 

Portland,  Ore.,  5%,  1923 .  230,000  00 

Richmond,  Va.,  4%,  1924 .  10,000  00 

Richmond,  Va.,  4%,  1926 .  1,000  00 

Stockholm,  Sweden,  4%,  1941 .  243,500  00 

Toronto,  Ontario,  Can.,  4%,  1905 .  25,000  00 

Toronto,  Ontario,  Can.,  4%,  1910 .  85,000  00 

Toronto,  Ontario,  Can.,  4%,  1911 .  75,000  00 

Toronto,  Ontario,  Can.,  4%,  1911 .  101,000  00 

Albany  &  Susquehanna  R.  R.  5%,  1902..  21,727  55 

Allegheny  &  Western  Ry.  4%,  1998 .  700,000  00 

Atch.  Top.  &  Santa  Fe  Ry.  Adj.  4%,  1995  500,000  00 

Atch.  Top.  &  Santa  FeRy.  Gen’l  4%,  1995  7,000,000  00 

At.  &  Char.  Air  Line  Ry.  4%,  1907 .  750,000  00 

At.  &  Char.  Air  Line  Ry.  7%,  1907 .  500,000  00 

Atlantic  &  Yadkin  Ry.  4%,  1949 .  450,000  00 

Baltimore  &  Ohio  R.R.  Prior  L.  3^%,  1925  4,500,000  00 

Baltimore  &  Ohio  R.  R.  4%,  1948 .  750,000  00 

Bangor  &  Aroostook  R.  R.  5%,  1943 .  500,000  00 

Bway.  &  Seventh  Ave.  R.  R.  5%,  1943...  2,000,000  00 

Brooklyn,  Q.  Co.  &  S.  R.  R.,  1st  5%  1941  918,000  00 

Canada  Southern  Railway  5%,  1913 .  657,000  00 

Central  of  Georgia  Railway  1st  5%,  1945  2,500,000  00 

Central  Pacific  Railway  4%,  1949 .  5,500,000  00 

Chateaugay  Railway  6%,  1907 .  200,000  00 

Chesapeake  &  Ohio  Railway  4£%,  1992..  815,000  00 

Chicago  &  Alton  Railroad  3%,  1949 .  1,000,000  00 

Chicago  &  Northwestern  Ry.  5%,  1909...  25,000  00 

Chicago  &  Northwestern  Ry.  5%,  1921...  1,675,000  00 

Chicago  &  Northwestern  Ry.  5%,  1933...  560,000  00 


Market 
Value  Net. 

$83,085  00 
77,546  00 
208,520  00 
808,200  00 
64,812  00 
383,880  00 
209,320  00 
173,085  00 
211,224  28 
208,580  00 
89,794  00 
39,676  00 
57,805  00 
18,684  00 
20,798  00 
79,372  50 
42,716  00 
272,182  00 
10,000  00 
1,000  00 
243,500  00 
25,000  00 
85,000  00 
75,000  00 
101,000  00 
21,727  55 
700,000  00 
450,000  00 
7,000,000  00 
737,475  00 

564.950  00 
432,000  00 

4,230,000  00 
750,000  00 

588.950  00 
2,359,000  00 

991,990  80 
700,493  40 
2,927,750  00 
5,500.000  00 
217,220  00 
847,600  00 
865,000  00 
26,512  50 
1,898,780  00 
659,512  00 


17 


NAME.  Par  Value. 

Chicago  &  Northwestern  Ry.  6%,  1929...  $463,000  00 

Chicago,  Burlington  &  Quincy  R.  R.  Syn. 

Chicago,  Bur.  &  Quincy  R.  R.,  4%,  1921  467,000  00 

Chicago,  Bur.  &  Quincy  R.  R.,  5%,  1905  894,000  00 

Chicago,  Bur.  &  Quincy  R.  R.,  5%,  1913  426,000  00 

Chicago,  Mil.  &  N’western  Ry.,  6%,  1905  100,000  00 

Chicago,  Mil.  &  St.  Paul  Ry.  6%,  1920...  370,000  00 

Chicago,  Rock  I.  &  Pac.  Ry.  4%,  1988...  1,250,000  00 

Chicago,  St.  P.,  M.  &  O.  Ry.  6%,  1930...  560,000  00 

Christopher  &  10th  St.  R.  R.,  4%,  1918...  210,000  00 

Cin.,  Sand.  &  Cleve.  R.  R.,  5%,  1928....  500,000  00 

Clev.,  Cin..  C.  &  St.  L.  Ry.  4%,  1990....  250,000  00 

Clev.,  Cin.,  C.  &  St.  L.  Ry.  4%,  1993....  750,000  00 

Clev.,  Col.,  Cin.  &  Ind.  Ry.  7%,  1914....  271,000  00 

Columbia  &  Greenville  R.  R.,  6%,  1916...  156,000  00 

Columbus  &  Toledo  R.  R.,  7%,  1905 .  239,000  00 

Columbus  Con.  Street  R.  R.,  5%,  1909...  145,000  00 

East  Tenn.,  Va.  &  Ga.  Ry.  5%,  1930 .  100,000  00 

Erie  Railroad,  Penna,  Coll.  4%,  1951 .  3,000,000  00 

Erie  Railroad,  Prior  Lien  4%,  1996 .  1,000,000  00 

Erie  Railway  7%,  1920 .  300,000  00 

Evansville  &  T.  H.  R.  R.,  6%,  1921 .  250,000  00 

Fargo  &  Southern  Ry.  6%,  1924 .  152,000  00 

Frem’t,  E.  H.  &  M.  V.  R.  R.,  6%,  1933...  270,000  00 

Galveston,  H.  &  S.  A.  Ry.  6%,  1910 .  377,000  00 

Georgia  Pacific  Railway  6%,  1922 .  172,000  00 

Georgia  R.  R.  &  Banking  Co.,  5%,  1922  1,000,000  00 

Indiana,  B.  &  W.  Ry.  4%,  1940 .  328,000  00 

Indiana,  D.  &  W.  Ry.  5%,  1935 .  200,000  00 

Indianapolis  &  St.  L.  Ry.  7%,  1919 .  400,000  00 

Long  Island  Railroad  4%,  1949 .  500,000  00 

Long  Island  Railroad  4|%,  1922 .  134,000  00 

Metropolitan  Street  Ry.,  5%,  1997 .  1,500,000  00 

Milwaukee  &  N.  R.  R.  6%,  1913 .  1,000,000  00 

Milwaukee  City  Railrod  5%,  1908 .  62,000  00 

Minneapolis  &  St.  L.  R.  R.  7%,  1909 .  183,000  00 

Minneapolis  Street,  Railway  6%,  1913....  183,000  00 

Missouri  Pacific  Railway  5%,  1917 .  500,000  00 

Mobile  &  Ohio  Railroad  6%,  1927 .  500,000  00 

Morgans  L.  &  T.  Railroad  7%,  1918 .  250,000  00 

Nashville,  C.  &  St.  L.  Railway  7%,  1913...  253,000  00 

Nashville,  C.  &  St.  L.  Railway  6%,  1917...  78,000  00 

Nassau  Electric  Railroad  4%,  1951 .  925,000  00 

New  England  Railroad  5%,  1945 .  3,000,000  00 

New  York  &  Canada  Railroad  4|%,  1904  450,000  00 

New  York  C.  &  H.  R.  R.  R.  3*%,  1998...  10,000,000  00 


Market 
Value  Net. 

$532,079  60 
675,000  00 
458,313  80 
912,148  20 
460,463  40 
107,040  00 
466,089  00 
1,300,000  00 

772.968  00 
210,000  00 
558,650  00 
252,500  00 
765,000  00 

349.969  40 
185,499  60 
258,574  10 
149,567  50 
115,050  00 

2,784,500  00 
990,000  00 
411,510  00 
302,925  00 
196,201  60 

366.606  00 
412,287  20 

213.606  80 
1,082,700  00 

337.840  00 
210,000  00 

534.840  00 
485,000  00 
135,340  00 

1,760,100  00 
1,181,900  00 
64,951  20 
214,091  70 
206,167  80 
525,000  00 
641,300  00 
330,100  00 
315,769  30 
89,512  80 
867,375  00 
4,001,400  00 
453,690  00 
9,500,000  00 


18 


NAME.  Par  Value. 

New  York,  L.  &  W.  Railway  4%,  1923...  $245,000  00 

New  York,  N.  H.  &  H.  R.  R.  4%,  1908...  2,400,000  00 

New  York,  0.  &  W.  Ry.  4%,  1903-12....  500,000  00 

Northern  Pacific  Railway  4%,  1997 .  2,550,000  00 

N.  P.  &  Gt.  Northern  Railway  4%,  1921.  4,750,000  00 

Ocean  Steamship  Co.  5%,  1920 .  494,000  00 

Oswego  &  Rome  Railroad  5%,  1915 .  100,000  00 

P.  &  O.  Ry.  (Guar,  by  Fr.  Gt.)  3%,  1951  95,824  50 

P.,  L.  &  M.  Ry.  (G.  by  Fr.  Gt.)  3%.  1958  95,052  50 

Pennsylvania  Car  Trust  3£%,  1902-10....  450,000  00 

Pennsylvania  Company  3|%,  1916 .  900,000  00 

Pennsylvania  Company  3|%,  1941..  .  325,000  00 

Peoria  &  Northwestern  Ry.  3£%,  1926...  70,000  00 

Pitts.,  C.  C.  &  St.  L.  Ry.  3i%,  1949 .  500,000  00 

Pittsburg,  McK.  Y.  R.  R.  6%,  1934 .  300,000  00 

Princeton  &  Northwestern  Ry.  3i%,  1926  100,000  00 

Reading  Company  4%,  1951 .  1,500,000  00 

Richmond  &  Danville  Railroad  5%,  1927  118,000  00 

Richmond  &  Danville  Railroad  6%,  1915  500,000  00 

Richmond,  Y.  R.  &  C.  R.  R.  4*%,  1910...  244,000  00 

Richmond,  Y.  R.  &  C.  R.  R.  5%,  1910...  394,000  00 

Rochester  &  Pittsburg  Railroad  6%,  1922  291,000  00 

Rutland  Railroad  4^%,  1941 .  500,000  00 

St.  Louis,  I.  M.  S.  Ry.  5%,  1931 .  350,000  00 

St.  Paul  &  Duluth  Railroad  5%,  1931 .  100,000  00 

St.  Paul  &  Duluth  Railroad  5%,  1917 .  175,000  00 

St.  Paul  &  N.  P.  Ry.  6%,  1923,  Reg .  76,000  00 

St.  Paul  &  N.  P.  Ry.  6%,  1923,  Coupon...  162,000  00 

St.  Paul  City  Railway  6%,  1934 .  297,000  00 

Sault  Ste.  M.  &  S.  Ry.  5%,  1915 .  128,000  00 

Second  Avenue  Railroad  5%,  1948 .  500,000  00 

Sioux  City  &  Pacific  Ry.  3i%,  1936 .  140,000  00 

Southern  Pac.  R.  R.  of  Cal.  6%,  1905....  461,000  00 

Southern  Pac.  R.  R.  of  Cal.  6%,  1906....  1,075,000  00 

Southern  Pac.  R.  R.  of  Cal.  6%,  1912....  562,000  00 

Southern  Railway  4%,  1902-3 .  1,200,000  00 

Southern  Railway  4£%,  1996 .  1,000,000  00 

Southern  Railway  5%,  1902-3 .  900,000  00 

S.  Ry.  of  Fr.  (G.  by  Fr.  Gt.)  3%,  1984...  95,438  50 

Terminal  R.  R.  A.  of  St.  L.  4*%,  1939...  248,000  00 

Third  Avenue  Railroad  4%,  2000 .  2,000,000  00 

Union  Pacific  Railway  4%,  1947 .  4,500,000  00 

Union  Ry.  of  New  York  5%,  1942 .  400,000  00 

Utah  &  Northern  Railway  7%,  1908 .  263,000  00 

Virginia  Midland  Railway  6%,  1916 .  250,000  00 

Wabash  Railroad  1st  5%,  1939 .  2,000,000  00 


Market 
Value  Net. 

$253,942  50 
4,800,000  00 
500,000  00 

2.626.500  00 
4,560,000  00 

509,067  00 
109,190  00 
87,200  30 
85,547  25 
441,855  00 
877,590  00 
316,875  00 
70,700  00 
487,500  00 
417,270  00 
101,000  00 

1.387.500  00 
128,714  40 
595,000  00 
231,800  00 
394,000  00 
366,660  00 

549.400  00 

396.900  00 
117,250  00 
193,147  50 

95,942  40 
204,508  80 
372,972  60 
139,724  80 

589.900  00 

141.400  00 
491,149  40 

1,162,397  50 
650,627  40 
1,186,890  00 
1,100,000  00 
900,000  00 
80,168  34 
277,288  80 
1,980,000  00 
4,680,000  00 
451,760  00 
303,712  40 

299.900  00 
2,331,800  00 


19 


NAME.  Par  Value. 

Washington  T.  &  E.  Co.  4i%,  1949 .  $3,000,000  00 

Western  Ry.  of  Alabama  4j%,  1918 .  1,350,000  00 

W.  Ry.  of  Fr.  (G.  by  Fr.  Gt.)  3%,  1956  96,210  50 

Brooklyn  &  N.  Y.  Ferry  Co.  6%,  1911...  158,000  00 

Brooklyn  Union  Gas  Co.  5%,  1945 .  1,050,000  00 

Columbia  College  3%,  1909 .  250,000  00 

Duluth  Union  Depot  Co.  5%,  1930 .  300,000  00 

Equitable  Gas  Light  Co.  5%,  1906 .  500,000  00 

Equitable  Gas  Light  Co.  5%,  1932 .  500,000  00 

Ft.  Street  Union  Depot  Co.  4|%,  1941...  50,000  00 

Hoboken  Ferry  Co.  5%,  1946 .  1,000,000  00 

Hudson  Coal  Co.  4%,  1906-17 .  1,100  000  00 

Jefferson  &  C.  C.  &  I.  Co.  1st  5%,  1926.,  800,000  00 

Laclede  Gas  Light  Co.  5%,  1919 .  1,000,000  00 

Lehigh  &  W.  Coal  Co,  4*%,  1910 .  800,000  00 

Long  Branch  &  W.  S.  Co.  5%,  1906 .  100,000  00 

Met.  O.  &  R.  Estate  Co.  5%,  1903 .  800,000  00 

Minneapolis  Gas  Light  Co.  6%,  1902 .  200,000  00 

Morris  Aqueduct  Co.  4%,  1915 .  65,000  00 

N.  Y.  &  E.  R.  Gas  Co.  5%,  1914 .  250,000  00 

New  York  Dock  Co.  4%,  1951 .  1,787,500  00 

N.  German  Lloyd  Dock  Co.  4%,  1911....  790,000  00 

Philadelphia  Bourse  5%,  1913 .  275,000  00 

Sharon  Estate  Company  5%,  1903 .  1,000  000  00 

U.  S.  Mortgage  &  Trust  Co.  4%,  1917....  460,000  00 

U.  S.  Mortgage  &  Trust  Co.  4%,  1918...  974,000  00 

U.  S.  Mortgage  &  Trust  Co.  4%,  1918....  101,000  00 

U.  S.  Mortgage  &  Trust  Co.  4%,  1918....  783,000  00 

U.  S.  Mortgage  &  Trust  Co.  4%,  1919....  522,000  00 

U.  S.  Mortgage  &  Trust  Co.  4%,  1919....  300,000  00 

U.  S.  Mortgage  &  Trust  Co.  4%,  1920....  677,000  00 

U.  S.  Mortgage  &  Trust  Co.  4%,  1921....  949,000  00 

Western  Union  Telegraph  Co.  5%,  1938.  1,000,000  00 


Total . $137,675,281  86 


Market 
Value  Net. 

$1,732,500  00 
1,410,885  00 
86,589  45 
178,492  60 
1,193,850  00 
250,000  00 
337,140  00 
500,000  00 

577.500  00 
51,120  00 

1,095,700  00 
1,100,000  00 
832,000  00 
1,050,000  00 
820,000  00 
101,880  00 
802,560  00 
200,220  00 
65,000  00 

277.500  00 
1,610,895  00 

790,000  00 

269.500  00 
1,000,000  00 

460,000  00 
974,000  00 
101,000  00 
783,000  00 
522,000  00 
300,000  00 
677,000  00 
949,000  00 
1,107,900  00 


$144,539,142  41 


20 


The  Seventh  Clause  of  the  will  of  the 
late  Frederick  D.  Tappen,  certified  as 
correct  by  the  Clerk  of  the  Surrogate’s 
Court  is  as  follows : 

Seventh.  I  hereby  nominate,  constitute  and  appoint  my 
friends,  Samuel  Woolverton,  at  present  the  Cashier  of  the 
Gallatin  National  Bank,  and  Edward  J.  Hancy,  executors  of 
this  my  last  will  and  trustees  of  all  the  trusts  created  in  and  by 
the  same,  and  hereby  authorize  and  empower  the  said  executors 
and  trustees  or  trustee  for  the  time  being,  and  the  survivors  of 
them  and  their  successors  and  successor,  in  their  or  his  discretion 
at  any  time  to  sell  and  convey  any  real  estate  or  any  interest 
therein  which  I  may  own  at  the  time  of  my  decease  or  which 
may  form  part  of  the  capital  of  any  of  said  trusts  either  for  the 
purposes  of  dividing  or  distributing  my  said  estate,  or  for 
carrying  out  any  of  the  purposes  of  this  my  will,  and  to  invest 
and  reinvest  the  proceeds  of  said  sale  or  any  other  property  held 
in  trust,  or  authorized,  under  this  will,  in  such  investments  as 
trustees  are  by  law  authorized  to  make  and  in  addition  any  such 
bonds,  stocks  and  other  securities  as  in  their  or  his  judgment 
may  constitute  judicious  investments  of  such  trust  fund  or  funds, 
giving  preference  in  their  or  his  discretion  to  non-taxable 
securities,  and  provided  further  that  at  the  time  of  making  each 
investment  such  security  shall  be  included  in  the  list  of  invest¬ 
ments  made  by  The  Mutual  Life  Insurance  Company  of  New 
York,  not  limiting  my  said  executors  and  trustees  or  their 
successors  or  successor  to  such  investments  only  as  trustees  are 
by  law  authorized  to  make,  and  I  also  authorize  my  said 
executors  and  trustees  to  retain  any  investments  made  by  me. 


21 


Some  of  the  Trusts  established  in  the 
Will  of  the  late  Frederick  D.  Tappen: 

Fourth.  I  give  and  bequeath  the  sum  of  forty  thousand 
dollars  ($40,000)  to  my  executors  hereafter  named  and  the 
survivor  of  them,  their  successors  and  successor,  upon  trusty 
to  invest  and  reinvest  the  same,  and  to  receive  the  rents,  issues, 
income  and  profits  thereof,  and  to  apply  the  net  income  to  the 
maintenance  and  support  of  my  said  daughter  Grace  Tappen 
Seney,  during  the  term  of  her  natural  life,  and  on  her  death  to 
hold  the  said  trust  fund  upon  trust  to  receive  the  rents,  income, 
issues  and  profits  thereof,  and  apply  the  net  income  thereof 
to  the  maintenance,  education  and  support  of  her  daughter 
Phoebe  A.  Seney,  during  the  term  of  her  natural  life. 

Fifth.  In  case  my  said  wife  shall  survive  me,  I  give,  devise 
and  bequeath  all  the  rest,  residue  and  remainder  of  my  estate, 
real  and  personal  whatsoever  and  wheresoever  situated,  to  my 
executors  hereinafter  named,  and  the  survivor  of  them,  and 
their  successors  and  successor,  upon  trusty  to  invest  and  reinvest 
the  same  and  receive  the  rents,  issues,  income  and  profits 
thereof,  and  to  apply  the  net  income  to  the  use  of  my  said  wife 
during  the  residue  of  her  natural  life,  and  on  her  death  to 
divide  the  said  residuary  estate  into  as  many  equal  parts  or 
shares  as  I  may  leave  daughters  (other  than  the  said  Grace 
Tappen  Seney)  and  the  lawful  issue  of  any  other  daughter  who 
may  have  died  before  me  leaving  lawful  issue  her  surviving,  such 
issue  of  a  deceased  daughter  together  representing  their  mother 
in  such  division. 


22 


In  Witness  Whereof,  I  have  hereunto  set  my  hand  and 
seal  this  nineteenth  day  of  December,  in  the  year  of  our  Lord 
one  thousand  nine  hundred  and  one. 

Frederick  D.  Tappen,  [seal] 


Signed,  sealed,  published  and  declared 
by  the  said  testator  Frederick  D.  Tappen 
as  and  for  his  last  will  and  Testament 
in  our  presence,  who,  in  his  presence, 
at  his  request  and  in  the  presence  of 
each  other  have  hereunto  subscribed 
our  names  as  attesting  witnesses  the  day 
and  year  last  above  written. 

George  F.  Butterworth, 

104.  East  30th  Street,  New  York  City. 
Francis  Smyth, 

930  West  End  Avenue,  New  York  City. 
Arthur  W.  Andrews, 

69  West  101st  Street,  New  York  City, 


23 


State  of  New  York, 
County  of  New  York, 


ss. : 


I,  J.  Fairfax  McLaughlin,  Clerk  of 
the  Surrogate’s  Court  of  said  County,  do 
hereby  certify  that  I  have  compared  the 
foregoing  copy  of  the  last  Will  and  Testa¬ 
ment  of  Frederick  D.  Tappen,  deceased, 
with  the  original  record  thereof  now 
remaining  in  this  office,  and  have  found 
the  same  to  be  a  correct  transcript  there¬ 
from  and  of  the  whole  of  such  original 
record. 

In  Testimony  Whereof,  I  have  here¬ 
unto  set  my  hand  and  affixed  the  Seal  of 
the  Surrogate’s  Court  of  the  County  of 
New  York,  this  24th  day  of 
April  in  the  year  of  our  Lord 
one  thousand  nine  hundred 
and  two. 

J.  Fairfax  McLaughlin, 

Clerk  of  the  Surrogate’s  Court. 


24 


From  Elbridge  T.  Gerry,  Ex- President  Children’s  Aid 
Society,  Trustee  Fifth  Avenue  Trust  Company,  The  Mutual 
Life  Insurance  Company  of  New  York,  Director  Newport 
Trust  Company. 


2  East  Sixty-first  Street. 


April  5,  1902. 

Dear  Mr.  McCurdy: 

I  enclose  (what  you  may  have  seen)  a  notice  of  the  greatest 
tribute  of  confidence  yet  paid  our  Company.  Compliments 
from  the  living  are  often  insincere — those  from  the  dead,  never. 

Always  cordially  yours, 

Elbridge  T.  Gerry. 


Richard  A.  McCurdy, 

President,  etc. 


25 


From  Hon.  Frederic  P.  Olcott,  President  of  the  Central 
Trust  Company  of  New  York,  formerly  Comptroller  of  the 
State  of  New  York. 


CENTRAL  TRUST  CO. 
56  Wall  Street,  New  York. 


May  8,  1902. 

Dear  Mr.  McCurdy  : 

Mr.  Tappen’s  example  could  well  be  followed  by  all  who 
leave  their  estates  in  trust.  In  naming  as  a  model  of  sound 
financiering  the  securities  of  The  Mutual  Life  Insurance 
Company  he  has  pointed  a  new  way  of  aiding  trustees  to  safe¬ 
guard  the  funds  left  in  their  keeping. 


F.  P.  Olcott. 


Mr.  Richard  A.  McCurdy, 

President,  etc. 


26 


I 


From  Hon.  Levi  P.  Morton,  President  of  the  Morton  Trust 
Company,  formerly  representative  from  New  York  in  the 
Congress  of  the  United  States,  Governor  of  the  State  of  New 
York,  United  States  Ambassador  to  France  and  Vice-President 
of  the  United  States. 


MORTON  TRUST  CO., 

38  and  40  Nassau  Street,  New  York. 

May  8,  1902. 

Dear  Mr.  McCurdy  : 

This  provision  in  Mr.  Tappers  will  is  particularly  impressive 
in  that  it  is  the  expression  of  a  judgment  ripened  by  half  a 
century’s  study  of  investment  securities.  No  one  knew  better 
than  he  the  pitfalls  that  beset  the  path  of  trustees — the  tempta¬ 
tions  to  increase  revenue  by  taking  a  little  extra  hazard.  That 
he  not  only  set  up  The  Mutual  Life  Insurance  Company’s 
investments  as  a  model,  but  specifically  limited  his  executors  to 
that  list  in  investing  his  trust  funds,  is  the  highest  endorsement 
that  could  be  given  to  faithful  trusteeship. 

Levi  P.  Morton. 

To  Richard  A.  McCurdy, 

President,  etc. 


27 


Lazard  Speyer-Ellissen, 
Frankfort  ^Main. 


Speyer  Brothers, 
London. 


SPEYER  &  CO. 

30  Broad  Street. 

Cable  Address :  Spy,  New  York. 
Mail  Address:  P.  O.  Box  477. 


New  York,  May  12,  1902. 

Richard  A.  McCurdy,  Esq.,  President, 

The  Mutual  Life  Insurance  Company  of  New  York, 
City. 

My  dear  Mr.  McCurdy: 

The  safe  and  proper  investment  of  money  always  causes 
more  or  less  anxiety,  and  the  best  advice  obtainable  is  eagerly 
sought  and  highly  prized.  The  opinion  of  the  late  Mr. 
Frederick  D.  Tappen  upon  financial  investments  was  greatly 
respected;  and  when  I  read  in  the  daily  newspapers  a  digest 
of  Mr.  Tappen’ s  will,  in  which  he  directs  that  his  estate 
shall  be  invested  only  in  those  securities  which  appear  upon  the 
list  of  the  investments  of  The  Mutual  Life  Insurance  Company, 
I  feel  that  a  great  help  has  been  given  to  investors,  and  that 
in  following  the  restrictions  placed  upon  Mr.  Tappen’ s 
executors,  individuals  will  be  pursuing  a  wise  and  conservative 
course  in  their  investments. 

Yours  very  truly, 

James  Speyer. 


28 


DELAWARE,  LACKAWANNA  &  WESTERN  RAILROAD  COMPANY. 


W.  H.  TRUESDALE, 

PRESIDENT, 

NEW  YORK  CITY. 

May  13,  1902. 

My  dear  Mr.  McCurdy  : 

Mr.  Tappen  represented  all  that  was  best  in  the  banking 
world.  He  kept  his  bank  free  from  entangling  alliances.  His 
influence  was  always  on  the  side  of  conservatism.  He  was 
himself  the  administrator  of  many  estates  and  understood  the 
sacred  nature  of  such  a  trust.  When,  therefore,  he  placed  in 
his  will  the  instructions  that  all  funds  left  by  him  in  trust  for  his 
wife  and  children,  be  invested  only  in  such  securities  as  were  on 
the  list  of  investments  of  The  Mutual  Life  Insurance  Company, 
he  provided  for  his  executors,  what  in  his  mature  judgment,  was 
the  safest  guide  in  the  world.  Mr.  Tappen’ s  action  is  certainly 
a  great  tribute  to  The  Mutual  Life  Insurance  Company. 

Yours  very  truly, 

W.  H.  Truesdale, 

President. 

Mr.  Richard  A.  McCurdy, 

President  The  Mutual  Life  Insurance  Company, 

New  York  City. 


29 


* 


